“What we’ve seen over the last few weeks is a routine pullback within the ongoing bull market," Saxena told CNBC.

"And usually the bull market tends to base out close to the prior lows, which is the case in this correction; and after some additional consolidation, I think we’re likely to see higher prices,” Saxena told CNBC.

However, Saxena said he expects volatility to increase over the year.

He also said if the markets go into a deeper correction, the government will print and create more money in order to "debase the currency to prop up the asset markets."

“The worst asset to own will be cash and fixed income assets, because these securities are giving you a fixed coupon in currencies which are deteriorating month after month,” he said.

“So money printing is going to keep this rally going for at least another couple of years until such time when the market forces the central banks to raises interest rates.”